Aston Martin and China are teaming up to fight Tesla

This week, Aston Martin unveiled its new RapidE Concept. The fully electric concept car is based on the British sports car maker’s production Rapide S sedan. Although Aston’s current lineup consists of mainly of V8 and V12 engined sports cars, the company has recently made electrification a major priority in its future plans.

“We see luxury electric vehicles as an intrinsic part of our future product portfolio and welcome ChinaEquity into the next phase of study for the project development,” Aston Martin CEO Dr. Andy Palmer said in a statement.

“The exciting RapidE concept tangibly demonstrates the capability and ambition of Aston Martin towards developing low- and zero-emission sports cars.”

Aston’s Sino-British partnership announcment comes during this week’s state visit to Britain by Chinese president Xi Jinping.

The Aston Martin RapidE concept is based on the company's current Rapide sedan.

Aston Martin

However, instead of the production car's mighty 6.0-litre V12 engine ...

Aston Martin

... The RapidE features an electric drive system.

Aston Martin

The electric drive system was developed by Williams Advanced Engineering -- an offshoot of the Williams Formula One racing team.

Aston Martin

These are the same engineers responsible for Jaguar's sexy C-X75 hybrid supercar, as well as ...

Jaguar Land Rover

Although, Aston did not release detailed performance specs for the concept, CEO Andy Palmer did layout the car's potential performance in an interview earlier this year with Automotive News.

Aston Martin

Business Insider

According to the interview, Palmer claimed the RapidE will have 800 horsepower delivered to all four wheel.

Aston Martin

Palmer also claimed the car will have range of 200 miles and hinted at a price tag between $200,000 to $250,000.

Aston Martin

These specifications would put the RapidE in the same neighbourhood as Porsche's Mission E Concept and the industry benchmark ...

Porsche

... The Tesla Model S P90D with Ludicrous Mode acceleration (0-60 mph in under 3 seconds, according to Tesla).

Hollis Johnson

In addition, Aston Martin also plans to launch a crossover based on the DBX concept that debuted earlier this year.

Aston Martin

Aston Martin hopes its electrification efforts will help the company's lineup of high-powered sports cars meet stringent future fuel economy standards.

Aston Martin

If development is successful, the Aston Martin RapidE Concept could hit showrooms in two years.

Aston Martin

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.